Wednesday, September 26, 2012

So, Your Tenants Left You With Fleas? 5 DIY Tricks for Effective Flea Eradication


We are lucky enough to have a guest blogger today. Shaun Peterson, of Pink Pest Inspections from Sydney writes about a topic that no one wants to think about, but we will have to deal with at one point or another. FLEAS




Is your home currently being taken over by fleas? If yes, then it's time for you to learn how to get rid of these annoying little insects once and for all. Spring and Summer are the two seasons you can expect to see the most fleas, as these are the times of year that they really start to make themselves known. Although fleas love warm and humid temperatures, they also survive in colder temperatures, which can make them a nuisance all year round.

Since fleas are one of the more common types of insects that are found in one's home,
most people tend to know some of the more common ways of getting rid of fleas, like treating pets with flea control medicine and setting off foggers inside the whole house. Today we're going to give you a few lesser-known tricks that have proven to be very useful.

Monday, September 24, 2012

Abandoned Rentals and How to Prevent Them



It's not something that you want to face, and luckily doesn't happen very often, especially if you have screened the tenants well, but it is something that you should be prepared for, and try and avoid at all costs.

Disclaimer: This is just a guide at some steps to take, if you have an abandoned property on your hands then get the right advice! This summary covers some Australian rules and some US rules, so make sure you know which ones to follow.

So what can you do to prevent it?

Make friends with the neighbors! 
This is probably the best deterrent there is.
  • If you own a block of apartments, then make sure that all the tenants know that if you see tenants moving out and it looks a bit on the suspicious side, to give you a call. 
  • If you own a single dwelling, then give your contact details to some long term residents who live close by and tell them the same thing.
  • Make sure you find a (polite) way to inform your tenants that their neighbors will look out for them and if there are any issues that they will call you. This is a nice way of saying "you have been forewarned".

Thursday, September 20, 2012

Micro Apartments Vs McMansions


Are you micro or a macro person?

Micro Apartments  

I came across this video of a tiny, tiny, TINY apartment awhile ago and thought 'wow, who would want to rent this place? But it turns out it's not as uncommon as you might think.

In expensive cities like New York (the above video) and San Francisco, people are doing what they can to downsize their possessions and their rent.

In San Francisco there is a 'Lego' development in progress which is made up of 300 sq feet (about 27 square metres) units, that are being built off site then shipped and assembled like building blocks. This sort of living definitely appeals to a certain market, with a highly organized space!  But what about the other end of the scale?

Monday, September 17, 2012

The Best way to Protect your Property is to Maintain it!



To ensure that your rental property stays in tip top condition you need to maintain it. Maintenance doesn't have to be a big problem, if you keep on the little stuff. You maintain your rental pretty much how you keep on top of your own residence. 

By keeping on top of the little stuff, you will have a better shot at enjoying long term tenants. There is never any guarantee that by looking after a property you will have long term tenants. But you can be sure that if you don't look after your property, then you will have NO shot at having satisfied long term tenants. It pretty much guarantees that you will either have a high turn over, or long vacancies.  So what should you focus on?:

  • Preventive measures and ongoing maintenance
  • Repairs
  • Upgrades

Thursday, September 13, 2012

How to become a Successful Landlord



No, you won't look like this guy, you will be MUCH better!

So you are a Landlord, how can you be the best that you can be?

Follow the Rules!
Find out what the rules are for you area and follow them. Health and safety, handling the money, tenant and landlord rights. Here's some general information.

Protect your Asset
Get insurance. Do not under insure your pretty. Also consider how you legally want to own the property, is it under your name or a company name? Find out which is the best way for your situation. 

Monday, September 10, 2012

What Rent to Charge




So you have a rental property and you want to rent it out, but how much is the right amount?  There are a lot of variables involved to determine the right price. 

First of all the easiest way of course is to employ a property manager. They will be able to tell you what a fair market rate will be. But even if you employ a property manager it is also a good idea to do some analysis yourself. If you do, you will feel more comfortable with the rent rate, and you will also feel fully involved in the process. You don't want to be in a position where you find out that the property manager is over or under charging your tenants.

1st Step -- Research
Find comparable rentals in the area of yours and go to the showings. Look at the property, ask questions on how long it has been vacant. Look at not just the number of bedrooms and bathrooms, but other amenities like dishwashers, waste disposals, heating/cooling, spa pools etc. 
Also go online and find out if there is a wide range of prices for comparable rentals or if they are are all within a tight figure. The more detailed the search, the more reliable results you will produce. Don't just look at one website, look at several and ask lots of questions.

Thursday, September 6, 2012

Can You Change Your Property Manager Mid Lease?




I get asked this question a lot: Can I change my property manager during the lease, or do I have to wait for the lease to be up?

I wrote about terminating your property manager here.

But the short answer is you can change anytime. 

You do not have to wait for the lease on the rental to end, before ending your contract with the property manager.

Monday, September 3, 2012

Incentives from Landlords




I came across an article about a Landlord in Los Angeles who was trying to rent out her apartment, by giving the new tenants a rescue dog and a monthly rental discount (for adopting the dog).  What the landlord offered was a discount of $150 A MONTH if somoene adopted the dog 'Big Louie'.

It got me thinking as to what landlords do to attract tenants to their properties.

Adopting Big Louie is one of the more extreme measures I've heard of (some would think that this is not an incentive in the slightest).  There have been plenty of schemes that I know that landlords have tried to attract tenants when vacancy rates are high.

Thursday, August 30, 2012

How to get the Smoke out.




No one likes walking into a place with the lingering smell of smoke. It's very off putting for potential tenants, especially if they are non- smokers. So what happens if you buy a property and it smells like smoke, or you have found out your previous tenants didn't follow the rules and now the house smells like smoke? How do you get rid of the smell?



Vinegar

Vinegar is an acidic agent containing mainly acetic acid and water. Historically it's been the most available mild acid. And while you don't want to put it on your carpets or any fabric (can bleach and stain those!) you can put it on walls (diluted with water) to absorb the smell. Vinegar in a bowl can be used to absorb onion odors while cooking so you can bet it's going to get the smoke smell out of walls and linoleum floors. Distilled white vinegar with water on a clean cloth is all you need to get your hard surfaces smoke free. 

Monday, August 27, 2012

Renting To Relatives



They always say you never do business with family, but how about renting to a relative? Do you give mates rates or go market rate? 

I think you need to have clear communication and clear guidelines to make it work, but it can really work well. Here's how. 

Charge what the market will bear.